EXUS Collections & Recovery Blog

The Top 6 Obstacles to Effective Personnel Management

Posted by Chris Maranis on Tue, May 15, 2018 @ 12:15 PM

The old adage goes that the most valuable asset in your business are the people - your staff. This is true from the most senior executives to people on the ground floor.

As Richard Branson, CEO of Virgin, said: “My philosophy has always been, if you can put staff first, your customer second and shareholders third, effectively, in the end, the shareholders do well, the customers do better, and you yourself are happy.” It makes sense to keep employees happy, too.

Read More

Tags: Collection and Recovery Operations

Crush Your Competitors With A Super-Efficient Collections Process

Posted by Marios Siappas on Thu, Jan 18, 2018 @ 10:47 AM

Computer and money.jpg

When it comes to technology, early adoption doesn’t always lead to ongoing efficiency.

Britain’s railway system, for example, is the oldest in the world, with wagonways first built in the 1950s. Now, though, the system is out of date, and proving tricky to improve. Just 34% of British train lines are electrified, the trains and carriages used are 21.1 years old on average, passenger complaints are on the rise and just 62.5% of British trains arrive at station stops on time.

The Japan National Railway, on the other hand, was privatised in 1987, with much work done to improve its infrastructure in the years since. As a result, the average length of delay is just 0.9 minutes on the Shinkansen line, and Japanese trains are built with a lifespan of a maximum of 15 years to keep things new.

Read More

Tags: Retail Banking, Collection and Recovery Operations, Telecoms, Utilities

How to Manage Delinquent Credit Across the Entire Loan Cycle

Posted by Chris Maranis on Wed, Dec 13, 2017 @ 11:05 AM

Debt collection is in trouble - especially when it comes to delinquent credit. According to figures from the International Monetary Fund’s Global Financial Stability Report, non-performing loans make up 3.925% of total gross global loans.

While this figure is down from its high of 4.064% in 2014, certain countries exhibit a far more worrying ratio: countries such as San Marino at 43.4%, Greece at 36.3% and Sierra Leone at 30.7%.

According to the Supervisory Banking Statistics Fourth Quarter 2016, the average rate of non-performing loans of large European banks stood at 6.17% - a figure that is growing, and that dwarfs countries such as Japan and the US which saw rates of just 1.5% during the same time period. The cost of servicing a delinquent loan, say Gartner, now stands at 15 times the cost of servicing a performing loan.

Read More

Tags: Retail Banking, Collection and Recovery Software, Collection and Recovery Operations, Telecoms, Utilities

Agent Incentives for better Customer Communication

Posted by Nikos Lambrou on Tue, Oct 10, 2017 @ 08:00 AM

Incentivizing your collectors is key towards better team management, motivation and performance increase. Daily motivation is critical, even after extensive training is offered to collections professionals. When they have it, they perform better and achieve higher collections rates. Incentive programs must be smartly designed and comprise of a mix of KPI’s in order to actually increase collections results.

This post offers tips on how collections managers can structure incentive programs so that collectors work harder and smarter to improve results. 

 

Read More

Tags: Collection and Recovery Operations

Put an End To Late Payments: The Secret to Boosting Collections Results

Posted by Marios Siappas on Tue, Jun 13, 2017 @ 11:00 AM

Nearly a quarter of small and medium businesses in the UK could face insolvency because of one thing, reports The Telegraph. They’re not getting paid. Late payments and overdue invoices are piling up for these businesses. A full 22% of these obligations are owed by large companies.

Read More

Tags: Collection and Recovery Operations

8 Ways to Measure the Collections Results that Matter

Posted by Raul Gaitas on Mon, Apr 17, 2017 @ 10:00 AM

Businesses involved with debt collections need to measure and report specific collections goals. That seems obvious, but many companies still don’t follow collections best practices when it comes to forming goals and measuring success. 

When you set clear goals and measure the right metrics, it’s easier to identify and solve challenges, improve processes over time and maximize efficiencies.

There are eight steps you can take to better measur

e your collections performance. Implementing them will help you improve your collections department’s success rates, and as a result, your company’s bottom-line.

1. Determine Your Goals Before You Measure 

Every organization should have an in-depth understanding of their goals and what they’re measuring.

To do that, you must define what success means to your organization. Be aware: it can mean something different for every company. Some might set revenue goals. Others might want to improve operational outcomes by a certain percentage. And some may want to simply hit project completion goals like implementing risk scoring technology or installing a document management system.

Consider some of the following examples of collections goals:

    • Improve kept promise ratios by 10%.
    • Improve self-cure rates by 5%.
    • Grow collections revenue by $10,000 per quarter.
    • Collect 4% more per account or portfolio.
    • Collect 4% more per collector employed.
    • Improve collector productivity by 5%.
    • Reduce time it takes from initial delinquency to settlement.
Read More

Tags: Collection and Recovery Operations

How to Create an Effective Collections Personnel Capacity Plan

Posted by Marios Siappas on Thu, Feb 23, 2017 @ 09:00 AM

Capacity planning is commonly used in business computing and information technology. Simply put, it’s a process that helps determine what resources a business will need to satisfy the changing demands for its products. In a collections department, personnel capacity planning helps your organization understand how many employees you need to manage a certain number of accounts, including accounts today and those projected for the future.

Read More

Tags: Collection and Recovery Operations

The Best Metrics Collectors Use to Boost Performance

Posted by Raul Gaitas on Thu, Feb 09, 2017 @ 09:00 AM

Traditional collections operations used tactics like cold calling that made measurement difficult. Now, in modern debt collections, metrics have expanded and evolved into collector productivity, collections and recovery performance, and capacity planning. Your department should gather data on all segments and report on specific metrics to improve collections performance. 

Read More

Tags: Collection and Recovery Operations

4 Needs for Next-Generation Debt Collection Solutions

Posted by Chris Maranis on Tue, Jan 31, 2017 @ 02:05 PM

The right offer delivered to the right customer at exactly the right time. It is more important than you could ever imagine. Customers use multiple channels to communicate and resolve debt obligations. They also may have multiple debt obligations with a bank or company.

Read More

Tags: Collection and Recovery Software, Collection and Recovery Operations

3 Critical Ingredients to Better Debt Collections Performance

Posted by Nikos Lambrou on Tue, Jan 17, 2017 @ 11:00 AM

The collections and recovery industry is one of today’s most vital and fast-paced business segments. Unfortunately, many collections businesses still employ traditional practices like cold calling, while attempting to compete in an increasingly complex world. 

Read More

Tags: Collection and Recovery Operations